Chambers, C. P. and Hayashi, T. (2020) Can everyone benefit from innovation? Journal of Mathematical Economics, 88, pp. 187-191. (doi: 10.1016/j.jmateco.2020.02.001)
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Abstract
This paper investigates whether there is an allocation rule for which innovation never hurts anyone. Existing studies provide possibility characterizations together with efficiency and a natural participation constraint, assuming the domain of one input good and one output good in which nobody prefers to consume more of the input good than what she has. We show that this possibility result does not survive and we lead to impossibility either when (i) somebody wants to consume the input good more than what she has; or when (ii) there are multiple input goods.
Item Type: | Articles |
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Status: | Published |
Refereed: | Yes |
Glasgow Author(s) Enlighten ID: | Hayashi, Professor Takashi |
Authors: | Chambers, C. P., and Hayashi, T. |
College/School: | College of Social Sciences > Adam Smith Business School > Economics |
Journal Name: | Journal of Mathematical Economics |
Publisher: | Elsevier |
ISSN: | 0304-4068 |
ISSN (Online): | 1873-1538 |
Published Online: | 19 February 2020 |
Copyright Holders: | Copyright © 2020 Elsevier B.V. |
First Published: | First published in Journal of Mathematical Economics 88:187-191 |
Publisher Policy: | Reproduced in accordance with the publisher copyright policy |
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